Former Top Gear presenter James May has stated his opposition to a proposed wealth tax, diverging from a group of 120 millionaires, including television personality Gary Lineker, who are urging Prime Minister Andy Burnham to increase taxes on the wealthiest individuals.
The group, identified as Patriotic Millionaires UK, has argued in a letter to the Prime Minister that additional revenue from higher taxes on wealth could be directed towards reducing inequality, bolstering public infrastructure, and supporting small businesses. They suggest a 2% tax on wealth exceeding £10 million could generate £24 billion annually for the UK.
However, May, 63, expressed his disagreement with this stance, stating on LBC radio that he "already pays loads of tax." He proposed that those who wish to contribute more could instead donate to charitable causes. "You could pay your whole income to HMRC if you like," May said, "And those people who say, I'd gladly, gladly pay an extra 2 per cent tax if it went to the homeless or military veterans or the disabled or whatever. There are plenty of people who will take that extra 2 per cent from you if you wish to donate it."
May also noted that wealthier individuals already contribute a greater absolute amount of tax due to progressive tax rates. "Wealthier people already pay more tax. The rate increases and it's a greater absolute amount as well if you have more income," he stated.
A Treasury minister acknowledged the offer from the millionaires but indicated that any tax policy announcements would be made in the upcoming budget. Chief Secretary to the Treasury Emma Reynolds welcomed the offer, stating that while people of means can pay more, "any major tax changes would be announced at a budget." She added that tax policy is considered comprehensively.
In their letter, the Patriotic Millionaires UK group emphasized their desire to be taxed, asserting, "We want you to tax us. We can afford it. We're not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold." They also suggested that reforms to capital gains tax could yield an additional £12 billion.
Gary Lineker commented on the initiative, saying, "Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford." He added, "Our richest people can do more and most want to. Our fantastic country deserves all of us to get behind it. I'm proud to stand with people across the UK who want to live in a more equal society."
Conversely, Conservative leader Kemi Badenoch argued that a wealth levy is not the solution for raising UK living standards. She suggested that individuals like Lineker are welcome to pay more voluntarily, but cautioned against taxing job creators, stating, "If we keep taxing the people who create the jobs, who generate the growth, we're not going to have any taxes at all." Badenoch advocated for supporting businesses to foster job creation and economic growth.
The Patriotic Millionaires UK group cited polling indicating that 80% of UK millionaires support a 2% tax on wealth over £10 million. Their letter also proposed that "Extreme wealth sitting idle in the hands of a few can be put to work: reducing inequality, investing in sustainable jobs, strengthening hospitals, schools and social care, supporting entrepreneurs with the skills and infrastructure they need, and giving small businesses access to affordable finance."